Elliott Wave Analysis: GBPUSD and DAX

GBPUSD

GBPUSD is falling strongly down from 1.2568 which looks like an impulsive
reaction so it's likely part of an even more complex decline as we see current
leg as wave C of Y). However, despite bearish moves the whole structure of
February has a corrective look so we think that downside can be limited, but
bounce will likely happen from beneath 1.2347 low. Based on Fib. levels we
see 1.2250-1.2300 as every interesting area for a new turn up.

GBPUSD, 1h

German DAX

German DAX is still somehow under pressure following that strong decline to
11700 last week, while US markets are still near the highs. However, we see
E-mini S&P500 in a fifth wave so if upside will be limited, then DAX can
extend it's weakness; ideally into wave five of A. That said, one leg down
is still missing to call a top in place near 12030. A push up from here and
above 11923 would suggests that new highs are coming.

German DAX, 1h

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Grega is based in Slovenia and has been involved in markets since 2003. He
is the owner of www.ew-forecast.com,
but before that he was working for Capital Forex Group and TheLFB.com. His
feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com,
Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com,
etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016.
At www.ew-forecast.com he helps clients
and educate them about the Elliott wave prinicple and how to label and track
unfolding patterns in real time. His approach to the markets is mainly technical.
He uses a lot of different methods when analyzing the markets such as candlestick
patterns, MA, technical indicators etc. His specialty however is Elliott Wave
Theory which could be very helpful especially if you know how to use it in
combination with other tools/indicators.

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